New GST Ledger from Aug 2024| RCM Liability and ITC Statement To aid GST Taxpayers in accurately reporting Reverse Charge Mechanism transactions, the GST Portal has introduced a new statement called the “RCM Liability/ITC Statement.” This statement is designed to improve accuracy and transparency in handling Reverse Charge Mechanism transactions by capturing the following: RCM …
Allowing TDS Credit to a Person Other Than the Recipient Need for Allowance of TDS Credit in the Hands of a Person Other Than the Recipient: Section 199 of the Income Tax Act, 1961, read with Rule 37BA of the Income Tax Act, 1961of the Income Tax Rules, stipulates that Tax deduction at source credit …
Key Significant strides in international tax measures taken in 2024 Budget The Budget 2024 has made several significant strides in international tax measures, reflecting a focus on enhancing India’s attractiveness for foreign investments, reducing litigation, and providing more certainty in tax administration. Here’s a closer look at each measure and the potential gaps left unaddressed: …
Taxation Concept & distinction between of Real Income vs. Deemed Income: The distinction between real income and deemed income is a fundamental concept in income tax law. It determines when and how income becomes taxable. Here’s an overview of the relevance of real income vis-à-vis deemed income, along with the legal framework supporting this distinction: Real …
Overview on TDS U/s 194T- Payment to partners of firm Introduction of Section 194T: Prior to this, Tax Deducted at Source was not applicable on payments like salary, remuneration, interest, or commission made to partners by the firm. However, TDS was applicable on payments to employees of the firm. Section 194T now mandates that Tax …
Guidelines for submit request Condonation of Delay If you miss the e-verification deadline for your ITR, your return will be considered invalid, which essentially means it will be treated as if it was never filed. However, you can still resolve this issue by requesting a condonation of delay. The Tax Dept recognizes that unforeseen events …
Consequences of Not Filing ITR on Time If you are mandated to file an Income Tax Return and miss the deadline, you can still file your tax return as a belated ITR. While it is possible to file a belated ITR, it is important to be aware of the penalties and potential complications that can …
Indexation benefits & its Limitation under Capital gains tax calculation In a significant development, the FM -Nirmala Sitharaman has moved for amendments to the Finance Bill, introducing changes to the Long-Term Capital Gains tax calculation on real estate properties. This move provides taxpayers with a choice in how they calculate their capital gains tax for …
Highlight significant issues in regulatory framework governing IPs & CoC The current regulatory environment for IPs indeed presents significant challenges. Addressing these concerns requires a balanced approach where both the CoC and IPs are held to standards of accountability and responsibility. Constructive dialogue with regulatory authorities and collective action from within the profession are essential …
CBDT: TDS/TCS provisions on death of deductee/collectee before linking of PAN & Aadhaar The Central Board of Direct Taxes has issued Circular No. 8 of 2024 on August 5, 2024, providing relaxations in the TDS and TCS (Tax Collected at Source) provisions under the Income-tax Act, 1961, in the event of the death of the …